New lawsuit over Trump's crypto profits puts White House under pressure

A new lawsuit against US President Donald Trump and his family business World Liberty Financial has caused a stir in the crypto world. According to the complaint, Trump and his family “corruptly” earned more than $2 billion from crypto deals linked to his presidency.

Spy Sheikh

The complaint was filed on 22 October in a federal court in Washington by J. Benjamin Greenberg, a former employee of the publicly listed crypto company Circle Internet Group. That company is a direct competitor of World Liberty Financial, which makes the complaint particularly notable.

According to the lawsuit, Trump breached constitutional rules that bar US presidents from receiving financial benefits from foreign parties. Greenberg argues that “no president in American history has so openly profited from his office”.

Central to the case are two alleged violations of the so-called Foreign Emoluments Clause, a provision that restricts foreign payments to a president.

An important part of the complaint centres on a deal with Sheikh Tahnoon bin Zayed Al Nahyan, the national security adviser of the United Arab Emirates.

Shortly before Trump’s inauguration in January 2025, Tahnoon is said to have agreed to buy a 49 per cent stake in World Liberty Financial for around $500 million.

Tahnoon is internationally known as the “Spy Sheikh” because of his influential role within the UAE’s security and intelligence services. The case could have far-reaching consequences for both Trump’s political and business activities. For now, Trump and World Liberty Financial have not yet responded to the substance of the allegations.

Meanwhile, the crypto industry is watching anxiously to see how this legal battle develops.